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The October 11 USDA WASDE lowered the average US corn yield to 180.7 bushels per acre, down 0.6 from September, and raised the soybean yield to 53.1 bpa. CNGOIC cut its estimate of China's 2018/19 soybean crush to 89.5 million tonnes from 96.1 million.
A smaller US corn crop supports prices, while the sharply lower Chinese crush estimate signals weaker soybean import demand that weighs on soybean prices.
realagriculture.comBrennan TurnerOct 12, 2018After 1,040 past bullish report events, CORN moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 788 past bearish report events, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 399 past bearish report events, SBM moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
